MTF, ATR % level, breakout probabilty

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more detailed below

 

Percentage of MTF ATR Breakout

I need some help coding a couple of indicators to place in the indicator window I'm using (shown below.) I posted this yesterday, but I put it in the wrong section. I'm hoping someone sees the value in this, because I assure you it works, but most traders I believe do it manually. If there are already indicators that can do What is described below, please let me know. I have seen similar indicators, but not specifically what I'm describing. I'm not just looking for an MTF ATR I already have that, that's what's in the picture. What I need is a little more complex. So I hope what I'm saying makes sense, because it could be a valuable tool to any system or EA.

Here's what I'm trying to do: I've opened an indicator window on the 1 minute with different levels of the ATR based on the daily. 20% 33.3% 50% 75% and 100%. These levels look like flat lines, but they obviously change from day to day based on those averages of the daily ATR over a 1 month period. They're flat because this is a 1 min chart.

I'm trying to backtest breakout's at certain levels in conjunction with my breakout strategy I already have on the 1 min. So I'm using probabilty together with my technical set-up. This way I can visually optimize the best breakout levels based on when a portion of the ATR is broken by current price movement.

What I could use some help on is trying to use an MA or an oscillator in this same window to tell me two things.

First, the number of pips that price has moved that day, so basically an ATR that's based off of the daily chart but that starts over every day and can be used on the 1 min. Does that make sense? I want to know when the Daily atr (but on the one minute chart) breaks passed the 30 per daily MTF ATR level on the one minute. So the first level of the ATR is 20% of the 30 per daily, which let's say is .0040 and I need to see when the price that day has broken that mark on the 1 min chart.

Two: I really need an MA or an oscillator that has the option to show the pip move from the highest high or the lowest low so far of that day. Depending on which trade we're looking for on that day, long or, short. Then I can put it in that same window and look for the breakout.

A third would be useful but I don't want to ask too much... but it would be awesome to also have the same indi but have it show the price move from the open of that day.

These three indicators would let us visually backtest which level is stronger a price move from open or a price move from the highest high/low, or just the increasing ATR of the day, and we can compare them to the price levels of the Daily atr over say..a 1-3month period. The whole point is to see which gives us the best probability of a continued move after a breakout.

Any help would be greatly appreciated. I've had some really good numbers doing this manually, but backtesting manually and going back and forth between charts and pairs and methods..ahhh!! you get the point! Good numbers and bad brain freezes!!

I can help as much as possible, but my coding ability is extremely limited. If we can get this going, I'd be more than happy to share my full method of trading, and picking trading days and pairs.

and sorry for the illustration, it's just for clarification. The indicator does however display the correct percentages of the daily ATR. There's an example of what it would kind of look like on the daily chart, but since it only signals on the day, it's obviously choppy, you could see how it would help to put it on a smaller chart for smoothing and to see the crosses as they happen. Not to mention clear TP points.

Thanks!!!!

Jax-

Files:
mtf_atr.jpg  57 kb
daily_example.jpg  17 kb
 

Wvbi

I've been working on this ATR indicator not sure if it's what you're looking for or not.

Basically what it does is:

Takes the range(high-low) the last x bars.

Averages the range of the last x bars.

Displays as a histogram the percentage of change from the average.

Takes an average of the percentage of change from the average.

Allows you to set a horizontal line at your preference so you can see when the average is breaking out.

Whittaker Volatility Breakout Indicator | Jeremy Whittaker

Hope this helps.

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